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Soybean contracts rose by 1 to 2.5 cents on Friday, with January soybean closing at $11.25, a ½ cent gain for the week, despite being 44.5 cents off this week’s high. The national average cash price for soybeans increased by 2.75 cents to $10.52¾. Soymeal futures gained $1 to $2.30, while soybean oil futures fell 33 to 40 points.
As of October 7, soybean speculators held a net short position of 353 contracts, marking a significant reduction of 38,359 contracts during the week. The USDA reported a record 198 million bushels of soybeans crushed in August, up 18.19% year-over-year but down 3.48% from July. Additionally, soybean oil stocks are at 1.79 billion lbs, down 4.62% from July yet up 9.71% from last year.
In Argentina, soybean planting progressed to 24.6%, an increase of 12% from the previous week, but still 11% behind last year’s pace.
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